More money and less time with Air BNB
Want to make sure you are getting the most you can out of air bnb? Keep reading.
Be honest in your listing
It is important to make sure you set the expectation of your guests correctly. This will ensure your guests are fully aware of what they are paying for and will save you from nasty reviews. If your guest feels that you were completely honest, and the space was as you described they will be more inclined to come back, tell friends about your place and will leave a good review. In the long run this will earn you more money.
Find your niche
Ask yourself what makes your home special? Is it near vector arena? Then make sure you advertise this fact. try to target guests who are coming in for concerts. Describe how to get to vector arena from your apartment and how to get back. What shops, restaurants and bars will be open after concerts, where your guests can buy music memorabilia etc This is how you can create you own unique feel. Next time there is a rush because of a concert your apartment will become a top pick. allowing you to charge more.
Use manual pricing
Get into the habit of changing your prices manually. You would know your own area better than Airbnb. Make sure you take full advantage when events are running.
Have a back up
At times you will receive requests from your guests make sure there is someone around to take care of any requests and emergencies while you are out of town. A great example is some of our Airbnb clients will get their neighbours to take care of any emergencies.
Get two of everything
Be prepared for any unfortunate events during busy periods. Buy two of everything to make sure you can turn the room or apartment around quickly with all the amenities that were promised to the guests. This will keep away bad reviews and will build your reputation with good reviews.
Stay in communication with your guests.
Some guests will be too shy to speak out if there is a minor problem. Staying in touch with them to make sure everything is in order will put you above all other Airbnb hosts. This will lead to better reviews, more guests and will allow you to charge more.
Manage your income, expenses & tax liability
You can be a great host but if you do not manage your expenses or your tax liability your bottom line will be significantly affected. We at 93 Accounting are experienced in providing accounting services for rental property owners, hotels and Airbnb hosts. Our full year support package is extremely popular amongst hosts. For just $20 per week you can have all your tax obligations sorted out and you will have an accountant actively taking care of you throughout the year.
Reduce tax by splitting income with family members
Split Airbnb income with family members. lowering your net profit meaning that you will pay less tax overall. If you would like to know more tax saving tools contact us.
Offer other services
Offer extra services for your guests. For example, guests that are staying for a few days might want cleaning services. you can negotiate with a cleaning service provider and make sure you receive a margin.
Use your rented space as a chance to advertise other businesses
Alot of your guests are probably tourists. They will be interested in exploring your area. Talk to your local businesses. Negotiate a commission deal with them. For example, you could leave a brochure in the rented area that talks about the local tour guide. Every time one of your guests uses that tour guide you receive a commission.
Offer extra items your guests can rent from you. For example, if you live away from the city, near parks etc think about offering a couple of bikes for rent. It would be a great way for your guests to explore the area and you will also make a bit of extra money.
Airport pick up and drop off.
Goes without saying but if you have the time this can be a great way to make a significant amount of money